- Altcoins that spiked by more than a million percent two years ago are almost unheard of today.
- Whether that experience will repeat itself remains to be seen.
- Regardless of the uncertainty, crypto influencers each have a favorite pick that they believe in.
Investing in cryptocurrencies isn’t like investing in stocks. There aren’t many analysts from legacy firms who are putting out monthly projections on price growth, or companies releasing quarterly earnings reports.
The open-source, community-based, and decentralized nature of blockchains means a project’s success is anyone’s guess. The infancy and lack of fundamentals for many of the platforms also make it hard to predict which ones will stick around for the long haul.
Many altcoins, like reddcoin (RDD) or Verge (XVG) saw gains in 2017 and 2018 as high as 1,581,942%. But today, they are almost unheard of. Whether this experience will be repeated with today’s popular altcoins remains to be seen.
“I buy a lot of projects that build ecosystems for other projects and companies, but there aren’t many use cases for the everyday person yet,” Mack Lorden, a crypto investor and founder of Faceless Crypto said.
Lorden previously touted Elrond (EGLD) as being his favorite crypto to hold, but more for its growth potential rather than anything it’s currently doing.
The truth is, even the most seasoned and popular influencers are all betting on speculation, for now.
Insider talked to four familiar faces in the crypto space to find out what their top utility token is and why they’re betting on it.